Online Manipal Editorial Team | November 23, 2022
- Business analytics can help businesses enhance their performance, operate better, make more profit or make more strategic choices.
- All sizes of organizations have begun incorporating the use of business analytics in their process. This allows them to improve the efficiency of their processes and boost their revenues.
- Today business analysts are sought-after by companies who know they can dramatically boost their revenues by utilizing skilled experts.
Business analytics is like data analytics but is focused exclusively on the business needs and efficiency of every business process. This type of analysis helps companies understand how they’re doing in the marketplace and how they can increase their efficiency. Now, the question arises. What is the need of business analytics? Business analytics is a significant contributor to business intelligence, which allows stakeholders and managers to make informed business decisions.
With the aid of business analysis, one can predict different processes, business, and market results. This is why businesses employ analytical methods using data to predict events, anomalies, and results.
Evolution of business analytics
The smartest business professionals were able to study things with customer satisfaction surveys and feedback to find out what drove customers to buy and use products regularly. This evolution of business analytics required the use of human resources and took a lot of time. When sophisticated tools for business analytics began to be introduced into our daily lives, it was completely transformed.
Now more than ever the need for business analytics has grown, as business analytics has recently evolved into an increasingly sophisticated collection of methods and tools using extensive data automation. Business analytics was previously only utilized by a few companies associated with the largest MNCs. The initial applications for corporate computing included creating reports, delivering presentations and entering data into applications such as Microsoft Excel.
After the evolution of business analytics, it is now integrated into various applications that deal with supply chain management, customer relationship management, human resources management, financial management manufacturing, and creating clever strategies for sports too.
Need for business analytics
How business analytics helps business? Data analytics in business can turn raw information into valuable inputs to increase the value of the data in making decisions.
Through business analytics tools, we have a better knowledge of secondary and primary data that comes from their operations. This allows businesses to refine their processes further and become more efficient.
To remain competitive, companies must stay ahead of their competitors and utilize the latest tools to aid their decision-making process in increasing efficiency and generating greater profits.
Benefits of business analytics
Business analytics provides actionable information to companies. Here are the primary advantages of business analytics:
- Increase efficiency in their everyday activities
- Help businesses understand their clients better
- Data visualization in business is used to provide projections of the future
- These insights assist in making decisions and creating plans for the future
- Business analytics monitors the effectiveness of a business and helps drive growth
- Find hidden patterns, generate leads, and expand your businesses properly
Use of business analytics
Through use of business analytics, you can:
- Examine data from every source
- Discover hidden patterns in data by using advanced analytics and statistics
- Distribute information to stakeholders through interactive dashboards and reports based on data
- Reconsider and justify your decisions based on the most recent information
How do business analytics help businesses?
If you are thinking, how business analytics help in decision making, here is your answer:
- Better business intelligence
With the adoption of extensive data analysis, businesses have improved their business intelligence practices since this technology provides more efficient ways of providing products and services.
- Innovative and effective branding strategies
Businesses employ innovative techniques such as sentiment analysis and text analysis to understand the data from customer traffic to discover essential insights into a potential customer.
- Better product management
Companies today provide a wide range of various products as well as services. Analytical tools can help the company to focus on the appropriate item or service at the appropriate moment and boost sales.
- Ensured risk management
To ensure that they are profitable, companies use analytics technology to anticipate risk and take action before it happens.
- Outperform competitors
The companies leading the way in the current revolution in analytics have a strong advantage through analytics. The unique possibility of conducting thorough market research and gaining access to ever-growing data creates an impressive competitive advantage.
The impact of business analytics in businesses across sectors
Business analytics help companies make better-informed decisions about their finances, daily operations, and other aspects of their organization. It’s a vast area and has applications across a variety of sectors.
- Energy and fuel
The energy and petroleum sector employs business analytics in various aspects of its business. Business analytics allows companies to reduce risk and decrease the chance of dealing with significant problems.
- Government sector
Governments across the globe have begun to use business analysis and analytics of data to improve their efficiency. For instance, the central government has set up the CEDA (Centre for Excellence in Analytics and Data) to assist government agencies in gaining insights from their data.
Finance is the most frequent user of business analytics. Credit card companies collect a lot of customer data, including their health and financial status, buying habits, and lifestyle preferences. They share this information with their business partners, allowing them to offer discounts and deals to increase profits.
Educational companies employ business analytics to optimize their learning methods and courseware. Business analytics helps them gain valuable insights that can help them enhance their teaching practices and improve their learning experience.
- Entertainment and media
Netflix, Amazon Prime, and other streaming platforms employ big data and business analytics to enhance user experience. They collect data from millions of users and analyze it to customize their recommendations and make user interactions more enjoyable.
- Retail trading
The most prominent application of business analytics in the retail industry is e-commerce. Major e-commerce firms like Amazon use business analytics to tailor customer recommendations and increase their sales.
Future of business analytics
The prospects for the future of business analytics in India appear to be full of possibilities. Many businesses have recognized the significance of business analysis to their development and efficient functioning. Here’s how business analytics can transform the future of business:
- Decision intelligence
Decision intelligence can help businesses identify problems and devise strategies to tackle them.
- Big data automation
Extensive data automation can store various data from multiple sources in one platform for storage, allowing the business to access and analyze the data quickly.
Learning business analytics
The next question that comes to mind is, what are the benefits of business analytics? More than half of businesses rely on business analytics to ensure seamless operation and decision-making to achieve their goals and this makes the future of business analytics very bright. To pursue a career in business analysis, you need a degree in the same field. Pursuing the online M.Sc or PGCP programs in Business Analytics from Manipal Academy of Higher Education will give a kickstart to your journey as a business analyst.
When companies operate, they also generate massive quantities of data regularly, which is challenging. A business analyst is accountable for analyzing and organizing the company’s data from various sources and assisting them with making plans, strategizing, and making decisions to achieve the goal.
Being a business analyst has many advantages, not only is it a fast paced career option but you can also help in a company’s growth. It is a life long learning experience and Manipal Academy of Higher Education can help if you aspire to become a business analyst. M.Sc in business analytics offered by Online Manipal can keep you a step ahead. Enroll in the online course today and begin your journey to business analytics.
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